Huge Rise in Light Commercial Vehicle Purchases

Australian businesses have shifted things up a gear this year, with new asset finance figures revealing a huge 187% rise in light commercial vehicle purchases since January.

The spike in business vehicle financing was driven by sales of all classes of vehicles, no doubt partly due to SMEs making the most of the federal government’s temporary full expensing scheme (aka instant asset write-off).

Here’s a quick snapshot of the Commonwealth Bank’s (CBA) business financing figures by vehicle type:

– Light commercial vehicles increased by 187%
– Utes and vans increased by 85%
– Heavy trucks increased by 50%
– New motor vehicles, including passenger and SUVs increased by 36%

“We’ve seen the federal government’s instant asset write-off scheme support many of our customers in the past year,” explains CBA Executive General Manager, Business Lending, Clare Morgan.

“There’s a general expectation that we’ll see an uplift in both financing and registrations of business vehicles as we approach the end of financial year.”

If you’d like help obtaining car finance which helps you achieve your long-term goals, please get in touch. We work with a broad range of lenders and would love to present you with financing options suited to your business’s needs.